Monday , 27 May 2024
Home Cryptocurrency Launched two years ago, this young crypto platform already weighs $25 billion
CryptocurrencyGlobal Economy

Launched two years ago, this young crypto platform already weighs $25 billion

In 24 months, FTX switched from an unknown platform to Super Bowl commercials.

Sam Bankman-Fried, $29.9 billion

Who would have bet on the irresistible rise of the FTX platform a year ago? Already tested and positively rated by Clubic, this tool has the advantage of simple ergonomics and hassle-free management. Its founder, Sam Bankman-Fried, has all the hallmarks of American Golden Boy, with an MIT degree in his pocket and several investment companies around the clock.

It launched FTX at the beginning of 2019 and the platform offers hundreds of crypto trades. FTX has announced a €421 million fundraiser from renowned investors, showing that the financial world is increasingly open to digital assets. Until 2017, financiers were still skeptical in the crypto world because the regulations were not always clear for this particular market.

A few fateful impulses eventually helped Bankman-Fried amass an estimated $9 billion fortune. The rise of Bitcoin, which has doubled in value since the fall phase of summer 2021, is certainly no stranger to this. The number of users of the FTX platform has also doubled since the summer of 2021, and it is now announced that its capitalization is $ 25 billion.

One ambition: playing elbows with the dev Coinbase

FTX’s main competitor? Coinbase platform goes public in April 2021. The company is breaking all records and has over $89 billion in capital, a figure that FTX can only dream of right now. Traders also rubbed their hands with the Coinbase bullish phase, which surged from $200 to $350 throughout October.

The question for FTX is simple: How to make more money and become a world standard for crypto platforms? First of all, we can talk about the acquisition of Ledger X, the hardware company that markets USB keys used as crypto wallets. But the new trend includes the creation of an NFT platform. That’s why, in September 2021, FTX started selling digital products and had its first 6-digit sales on the day of launch.

The future looks bright for the FTX platform, whose latest marketing move is to purchase ad inserts for the Super Bowl, the American nation’s massive television audience.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles


AMC shares soar as judge rejects APE deal in surprise ruling

Shares in AMC Entertainment Holdings surged on Tuesday, after a judge denied...


Anticipation for Apple’s VR Headset Release Boosts VR Crypto Tokens

Apple Shares and VR Tokens Parallel Rise Apple’s share price has risen...

Global Economy

Spotlight on 2023: S&P 500 and the Significance of the 4400 Level

In our past exploration of the financial landscape of 2023, we delved...

Global Economy

AI and Data Analytics Drive Efficiency in Money Laundering Detection

BIS Innovation Hub Turns to Tech for Money Laundering Detection The BIS...